Bankruptcy

Wooster, OH’s Trusted Bankruptcy Lawyer

The ability to declare bankruptcy is a right granted to individuals and businesses by Federal Law. Since each situation is unique, it is best to contact an experienced attorney, like Attorney David M. Todaro, to discuss the options and choose the best way to establish a brighter financial future. When you are overwhelmed by debt, filing for bankruptcy can offer relief. Let’s examine some of the most common benefits derived from filing for bankruptcy relief and dispel the false beliefs and fears surrounding bankruptcy.

Stop Aggressive Collection Agencies and Their Tactics
Debt collectors are notorious for being harassing and unpleasant. Filing for bankruptcy will not relieve you of all debts, however it will relieve you of most debts and stop aggressive collection techniques. One of the major benefits of filing for protection under Chapter 7 is that many creditor actions are stayed. This means that debt collection efforts are halted. Once a creditor or bill collector becomes aware that you have filed for bankruptcy protection, creditors must stop all efforts to collect the debt. After your bankruptcy is filed, the court mails a notice to all the creditors listed in your petition schedules.

Stop Garnishments
Filing bankruptcy will stop wage and bank account garnishments.

Limit Credit Score Damage
Most people who inquire about bankruptcy relief already have low credit scores and a bad credit history that, frankly, can’t get much worse. For these people, rather than a negative mark on their credit report, bankruptcy can be a chance to erase negative marks that are already there. While it is true that filing for bankruptcy can negatively affect a person’s credit score, filing for bankruptcy simplifies an otherwise complex credit history that often contain past-due accounts, defaults, repossessions and foreclosures. From a future lender’s perspective, a bankruptcy filing is often much easier to deal with than an entire host of abandoned financial responsibilities. In many instances, the damage is already done to one’s credit. Filing bankruptcy can be a fresh start.

Ability to Rebuild Credit
Filing bankruptcy provides an opportunity for people to rebuild a decent credit score. While the filing will appear for 7 to 10 years on a credit report, there are a significant number of lenders who are willing to work with individuals who have filed bankruptcy and subsequently maintain a positive credit history.

Debt Discharge
Many people find relief in filing bankruptcy by being able to discharge their debts. Debts that are often qualified to be discharged include credit cards, medical bills and personal loans.

Contact the Todaro Law Office for a free initial consultation.

We are a federally designated Debt Relief Agency under the United States Bankruptcy Laws. We assist people with finding solutions to their debt problems, including, where appropriate, assisting them with the filing of petitions for relief under the United States Bankruptcy Code.